N.Y. Public Authorities Law § 1689-b: Sale of bonds by the authority

§ 1689-b. Sale of bonds by the authority. 1. (a) Notwithstanding any

other provision of law, the bonds of the authority issued pursuant to

section one thousand six hundred eighty-nine-a of this article shall be

sold to the bidder offering the lowest true interest cost, taking into

consideration any premium or discount not less than four nor more than

fifteen days, Sundays excepted, after a notice of such sale has been

published at least once in a definitive trade publication of the

municipal bond industry, which shall state the terms of the sale. The

terms of the sale may not change unless notice of such change is sent

via a definitive trade wire service of the municipal bond industry

which, in general, make available information regarding activity and

sales of municipal bonds. Advertisements shall contain a provision to

the effect that the authority, in its discretion, may reject any or all

bids made in pursuance of such advertisements, and in the event of such

rejection, the authority is authorized to negotiate a private or public

sale or readvertise for bids in the form and manner above described as

many times as, in its judgment, may be necessary to effect a

satisfactory sale.

(b) Notwithstanding the provisions of paragraph (a) of this

subdivision, whenever in the judgment of the authority the interests of

the authority will be served thereby, the members of the authority, on

the written recommendation of the executive director, may authorize the

sale of such bonds at private or public sale on a negotiated basis or on

either a competitive or negotiated basis. The authority shall set

guidelines governing the terms and conditions of any such private or

public sales.

2. The authority shall annually prepare and approve a bond sale

report which shall identify results of any sale of bonds pursuant to

this section conducted during the fiscal year. Such bond sale report may

be a part of any other annual report that the authority is required to

make.

3. The authority shall annually submit such bond sale report to the

comptroller and copies thereof to the senate finance committee and the

assembly ways and means committee and the director of the budget.